Dubai: Tribal Credit, a global company from Silicon Valley that provides integrated financial solutions for startups across the Middle East and emerging markets, announced today that it has engaged Shariyah Review Bureau (SRB), a GCC based Shari’a Advisory firm, to review, certify and supervise Shari’a compliance for its new corporate cards and working capital products in Islamic markets.
With this announcement, Tribal Credit became one of the first standalone credit and expense management solutions to offer Shari'a compliant products in MENA.
SRB has been at the forefront of Shari’a advisory for more than seventeen years and leads in providing Shari’a certification, Islamic product structuring and Shari’a Audit services to international financial institutions, asset management houses, fintech, insurance firms, and alternative wealth management organizations.
Amr Shady, CEO and Co-founder of Tribal Credit said: “As a result of the partnership with Shariyah Review Bureau, we will also maintain a dedicated Shari'a supervisory resource to ensure that our products remain Shari'a compliant”. He also adds, “through our deep knowledge of the corporate cards and financing market in the startup and SME eco-system, we expect to unlock new potential for businesses and investors with this new partnership.”
Tribal Credit is strengthening its network and strategically managing the Islamic financial ecosystem in order to adapt fast to constantly changing business needs and deliver innovative credit card and financing solutions to startups and SMEs in the coming years.
Speaking about the engagement of SRB's services to oversee its Shari'a compliant side of the business, Duane Good, Tribal Credit's, Co-Founder, and President, said: "SRB's experience in Islamic financial markets and deep understanding of the evolving needs of credit and expense management will enable us to develop secure, 360° and powerful Shari'a compliant finance solutions that provides startups in emerging markets with flexibility and financial control."
Yasser S. Dahlawi, CEO at SRB, said: “Our establishment is a trusted partner to clients worldwide seeking to attain Shari’a compliance in their products and investments. Our multi-sector product certification and development consultancies all under a single roof have become quite a hit with our existing client base.” Commenting on the partnership, Yasser added, “We are pleased to have formed this relationship with Tribal Credit. We will bring a seasoned team of experts with unique scholarly expertise to ensure ongoing Shari’a compliance.”
Tribal is a payments and 360° financing solution using the latest emerging technologies to drive the growth of SMEs in emerging markets to close the financial inclusion gap in business. Tribal offers these SMBs access to modern payment methods like multi-currency physical and Visa virtual business credit cards, local and international wires, along with short-term financing, and a powerful spend management platform to track and control their expenses—all in one seamless interface. Tribal has raised an impressive amount of funding from the SoftBank Latin America Funds, QED Investors, BECO Capital, Stellar Development Foundation, and Coinbase Ventures, as well as additional crypto and strategic investors. Led by serial entrepreneurs, data scientists, and fintech executives among its founders, the company is also among an elite group of companies chosen as part of the Visa FinTech Fast Track program and recently won the Best Banking Card Product Award at the 2021 Challengers Awards from renowned publication Tearsheet. Learn more at https://www.tribal.credit
About Shariyah Review Bureau:
Shariyah Review Bureau (SRB) is a Middle East based Sharia advisory firm that works with financial institutions from banks to insurance companies, asset managers, family offices and fintech to tackle their Sharia compliance challenges. The company is designed to operate as a single global partnership helping clients meet their Sharia assurance needs from setting up Sharia Boards to administering Sharia certification and providing external Sharia audit services. SRB also provides Sharia assurance guided by the most widely recognized international standard, ISAE 3000.
With scholarly presence in more than 21 countries from US, Europe, Africa, GCC and Asia its services can be delivered to financial institutions anywhere in the world. It serves clients at various levels, whether as a trusted Sharia advisor to executive management or as an internal Sharia auditor for internal control purposes or as an independent external Sharia auditor.
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